Value, page-5

I expect that once the results are closer (or possibly just after they are released) we will start to see updated analyst reports which will have that kind of estimate in them. Looking back at previous ones by Edison or Morgan’s would be a good starting point to see what they have previously said.

Assuming strong trial results I would expect at least $100M and possibly in the $200-300 range but maybe not straight away. Starting the EMA process will be a big milestone but I don’t expect many will be excited by that given the previous years TIS spent bogged down in that under the former management.

A commercial transaction (or talk of one) and progress towards FDA phase 3 trial will be what drive the share price, and hopefully in the background the EMA process can get underway and show some positive signs of advancement. I rate the current managements chances way higher with the well designed trial data and general competence, however big beauracracies are big beuracracies.

Following EMA approval and with revenue coming in I think definitely $200M plus, probably higher, but that will depend on the revenue size, speed of uptake and the usual other factors so any market cap prediction will be best done if and when we get there.

But at the moment, ftt is a sub $40M Mc company, so getting to even $80M is a doubling...